Entry homes on the Northern Beaches are still crawling along.

Snails pace would accurately sum up the current Sydney property market. Houses are selling but, on the whole, only if they are competitively priced. The days of the frenzied market are a distant memory.

To think it was only a year or so ago that the market was buzzing and no sector was as intense as the entry level house on the Sydney Northern Beaches. At one stage it was almost impossible to buy a house for under $1.4 million. And then, vendors would only sell if the buyer delivered a signed contract plus a 10% deposit with their offer. Oh how things change in 365 days. Property is still selling but there is a new mind-set in the Northern Beaches property market.

The Royal commission has sabotaged the finance hopes of many people trying to buy their first home. They cannot raise that extra $200,000. If buyers cannot raise the funds then sellers should be forced to face reality and drop the price. This is happening to a certain extent, but those Northern Beaches prices are not falling as much as would be expected.
So, with the current back drop it is surprising the value of property has not crashed. Instead we have a modest correction and a much slower, orderly market. This is testament to the underlying demand for Northern Beaches property, particularly in that entry level $1.2 to $1.6 price range. We are not calling the bottom of the market just yet but in our opinion the time is ripe to negotiate on the right property at a fair price which will appreciate over the long term.